- Magic Eden is down 15% because the price extends the downtrend.
- The ME token rose sharply earlier than paring all of the good points after Trump’s sons distanced the Trump Group from a brand new pockets announcement.
- Magic Eden price may dip to help round $0.78, its all-time low reached in April.
Magic Eden (ME) price is down by greater than 15% within the final 24 hours because the altcoin extends losses for the reason that sharp downturn from highs of $1.15 on June 3, 2025.
ME traded round $0.87 amid ongoing draw back stress after current wallet-related information drama introduced the bears out in full swing.
Notably, the declines have the Magic Eden token trending in the direction of its all-time low of $0.78 reached in early April.
Knowledge from CoinMarketCap, which additionally exhibits a 58% dip in buying and selling quantity, suggests the ATL is about 21% off present price ranges.
Why is the Magic Eden price down in the present day?
As famous above, the ME token skyrocketed earlier this week, leaping sharply to hit $1.15 from round $0.8 amid dealer pleasure.
The catalyst for this vertical transfer, as seen within the chart under, was the announcement of a Trump-branded crypto pockets.
The Magic Eden social media submit on X shared the “big news”, alluding to a partnership between Magic Eden and GetTrumpMemes.com.
The information hinted at “the First and Only Crypto Wallet for True Trump Fans.”
BIG NEWS! The Official $TRUMP WALLET is COMING SOON! The First and Solely Crypto Pockets for True Trump Followers.
Be part of the FREE waitlist for an opportunity to get a share of $1 MILLION IN $TRUMP REWARDS! Go to https://t.co/PVCQ6YXQ5v NOW!
The $TRUMP Pockets is Powered by @magiceden pic.twitter.com/KA26RzjY6m
— Magic Eden 🪄 (@MagicEden) June 3, 2025
Response throughout the crypto house was whether or not this was legit, with many pointing to what it meant for the TRUMP and ME tokens.
However shortly after the Magic Eden crew shared the information, Donald Trump Jr. posted a public disclaimer that the Trump Group was not a part of the stated TRUMP pockets.
The identical message got here from Eric Trump, President Donald Trump’s different son. Eric cautioned Magic Eden in a submit on X:
“I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.”
ME token technical outlook
Market response to the chain of occasions flipped from optimistic for ME to adverse, with the token dipping under $1.
The retracement has continued prior to now 24 hours, bringing the Magic Eden token’s worth to under $0.9 on June 5.
Whereas the Magic Eden price may flip larger from present ranges, the technical image helps a bearish transfer.
The RSI on the 4-hour chart is under 50 and signifies a downward transfer, whereas the MACD indicators bearish power amid a rising adverse histogram.
Additional draw back motion, mirroring broader market weak point, sees the ME token poised close to $0.87. If price breaks decrease, it may fall to the $0.78 help space.
